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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ibis Media Vct1 | LSE:IBSA | London | Ordinary Share | GB00B0WHB612 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
The company's new business pipeline is strong, with three major client wins in its creative division including one which generates over GBP500,000 in annualised billings. While trading has fallen short of budget in Scotland and Ireland (two of its more recent markets acquired via acquisition) management is supporting its regional efforts and expects business to pick up in the second half of the calendar year.
IBIS' valuation at the half-year has increased by GBP7,488 (+2%) to reflect increased valuations from transactions and public trading involving comparable companies.
Futurelex (formerly known as Polyview) --------------------------------------------------- Date of initial 17 November 2008 investment: ---------------------- --------------------------- Investment to date: GBP950,000 ordinary shares and loan notes ---------------------- --------------------------- Valuation as at GBP321,876 31 January 2013: ---------------------- --------------------------- Investment in period: GBP0 ---------------------- --------------------------- Valuation as at GBP200,000 31 July 2013: ---------------------- --------------------------- Change in valuation: -GBP121,876; -38% ---------------------- ---------------------------
Investment Overview
Futurelex, which was launched in 2006, provides both online and offline information to the international legal market. The group comprises The Global Legal Post, an online legal news digest, the legal tendering platform ProcureLaw.com and the legal lead generation business TakeLegalAdvice.com. The company also organises events and conferences catering to the international legal market.
Recent Developments
In April 2013, Futurelex sold its legal tendering platform, ProcureLaw, to Elevate Technologies in the US for a mixture of cash and a continued carried interest, the proceeds from which have been used for the company's working capital.
The company hosted a "Luxury Law Summit" in May in partnership with the International Herald Tribune aimed at the legal market for luxury goods and services. Following the success of the inaugural event held in London, Futurelex is now planning a series of UK and international Luxury Law Summits for 2014 and is also looking to launch events catering to other specialist areas within the legal market in partnership with the International Herald Tribune.
While traffic to the company's legal news digest website, the Global Legal Post, has been encouraging and has continued to grow over the past six months, Futurelex has faced a challenging legal market in which to monetise its digital assets.
In the financial year ending 31 January 2013, IBIS made a significant write down in the carrying value of its investment in Futurelex. During the period under review, IBIS has supported Futurelex in its fundraising efforts by participating in the company's restructuring, whereby IBIS has entered into an agreement to sell part of its loan notes and convert the balance debt into equity on the basis that IBIS shall own 25% of the company's ordinary shares post-investment. The net result of the restructuring has seen the value of IBIS' investment in Futurelex decrease by GBP121,876 (-38%) and a GBP190,805 of accrued loan note interest written off (which is accounted for separately in the calculation of the Company's net asset value.)
Riva Digital Media ----------------------------------------------------- Date of initial 03 May 2007 investment: ---------------------- ----------------------------- Investment to date: GBP345,015 ordinary shares and GBP4,500 unsecured loan note ---------------------- ----------------------------- Valuation as at GBP0 31 January 2012: ---------------------- ----------------------------- Investment in period: GBP0 ---------------------- ----------------------------- Valuation as at GBP0 31 July 2012: ---------------------- ----------------------------- Change in valuation: GBP0; 0% ---------------------- -----------------------------
Investment Overview
Riva Digital Media's core activity is the design, production and distribution of Epacs. Each Epac is a bundled collection of premium content which is digitally wrapped in a unique branded skin and is downloadable to a customer's personal computer. The components of an Epac can include video clips, MP3 files, ring tones, digital wall paper and customised information.
Since launch, Riva Digital Media has struggled to establish Epacs as a widely used consumer application for the consumption of mixed digital media. The company's business model, which required significant web traffic to generate advertising income as well as charging for premium content, has not worked as originally envisaged. In response the management cut costs significantly while the business model was redeveloped.
Recent Developments
It continues to remain difficult to assess the future prospects of Riva Digital Media and, as a consequence, the fair value was written down to zero in the 2011/12 financial year. Nevertheless, the company has a number of projects included in its development pipeline that once launched may allow for a positive revision to the fair value of the IBIS investment.
Investment Portfolio Summary
as at 31 July 2013
As at 31 July 2013 As at 31 January 2013 % of net % of net Cost Valuation assets Cost Valuation assets Company GBP GBP by value GBP GBP by value ---------------------- ---------- ---------- --------- ---------- ---------- --------- Steel River Media (Contagious) 850,000 1,939,757 32.56 850,000 1,842,683 31.14 Ginx TV 985,000 1,679,884 28.20 985,000 1,401,695 23.68 Get Me Media 806,442 999,938 16.79 806,442 999,938 16.89 Masher 564,333 354,587 5.95 564,333 354,587 5.99 Freshwater 864,499 329,972 5.54 864,499 322,484 5.45 Futurelex 950,000 200,000 3.36 950,000 321,876 5.44 Riva Digital Media 349,515 0 0 349,515 0 0 ---------------------- ---------- ---------- --------- ---------- ---------- --------- Total venture capital investments 5,369,789 5,504,138 92.40 7,761,408 5,243,263 88.59 ---------------------- ---------- ---------- --------- ---------- ---------- --------- Total fixed asset investments 5,369,789 5,504,138 92.40 7,761,408 5,243,263 88.59 ---------------------- ---------- ---------- --------- ---------- ---------- --------- Net current assets 452,973 7.60 675,056 11.41 ---------------------- ---------- ---------- --------- ---------- ---------- --------- Net assets 5,957,111 100.00 5,918,319 100.00 ---------------------- ---------- ---------- --------- ---------- ---------- ---------
Statement of the Directors' Responsibilities in respect of the Half-Yearly Financial Report
We confirm that to the best of our knowledge:
-- The condensed set of financial statements has been prepared in accordance with the Statement "Half-yearly financial reports" issued by the UK Accounting Standards Board
-- The Chairman's Statement (constituting the interim management report) includes a fair review of the information required by DTR 4.2.7R of the "Disclosure and Transparency Rules", being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements
-- The "Statement of Principal Risks and Uncertainties" on page 15 is a fair review of the information required by DTR 4.2.7R, being a description of the principal risks and uncertainties for the remaining six months of the year
-- The financial statements include a fair review of the information required by DTR 4.2.8R of the "Disclosure and Transparency Rules", being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
By Order of the Board
The City Partnership (UK) Limited
Company Secretary
30 September 2013
Statement of Principal Risks and Uncertainties
The Company's assets consist of equities and fixed interest investments, cash and liquid resources. Its principal risks are therefore market risk, interest rate risk, credit risk and liquidity risk. Other risks faced by the Company include economic, investment, financial and regulatory risks. These risks, and the way in which they are managed, are described in more detail in the Directors' Report, the Statement of Corporate Governance and Note 18 to the Financial Statements in the Company's Annual Report & Financial Statements for the year ended 31 January 2013. The Company's principal risks and uncertainties have not changed materially since the date of that report.
Related Parties
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